Kushner Companies closed on a $17.55 million loan for its properties in Wynwood, records show.
Wynwood 2 Owner LLC, an affiliate of the New York-based real estate firm, secured the financing from CIT Bank for the properties at 108 and 127 Northwest 27th Street in Miami, where Wynwood 27 and Wynwood 28 are planned.
Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is partnering with the Miculitzki family’s Block Capital Group to develop the sites. They will have a total of 152 rental apartments, 50,000 square feet of office space, 34,000 square feet of retail space and parking.
In July, Kushner and Block Capital paid $32 million for a portion of their assemblage.
The partnership just paid $4.6 million for the two lots at 108 and 120 Northwest 27th Street. BM2 Realty brokered the latest deal, according to a press release.
Last month, the Miami Urban Development Review Board approved plans for Wynwood 28 to have nearly 15,800 square feet of commercial/retail space, 44,637 square feet of office space, 40 residential units, 232 parking spaces and 19 bicycle spots.
In all, Kushner Companies has rolled out plans to build three major apartment projects in South Florida that will bring a total of 3,000 units at a cost topping $1 billion. In addition to the Wynwood properties, the firm has an assemblage under contract in Miami’s Edgewater neighborhood in an Opportunity Zone, a development that’s expected to cost over $500 million and deliver more than 1,000 units in three phases.
The company also announced last year that it was under contract to purchase three properties for $49 million across the street from the Virgin Trains station in downtown Fort Lauderdale’s Himmarshee District.
Source: The Real Deal